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Loan Options

Need-Based Loans

These federal loans are based on your Expected Family Contribution (EFC), which is a measure of your or your family's financial position. The EFC is used to determine your eligibility for federal student aid. To determine your EFC, complete the The Free Application for Federal Student Aid" (FAFSA). We've provided details on completing the FAFSA on our "How to Apply" page.

Federal Subsidized Stafford Student Loan

The Stafford Loan is a federally funded educational loan available through private lenders. The federal government pays the accruing interest rate while the student is enrolled on at least a half-time basis and for up to 6 months after the student graduates or ceases to be enrolled on at least a half-time basis.

The annual variable interest rate changes every July 1, but will never exceed 8.25%. Currently the rate is 6.80% for both the in-school rate as well as the repayment rate. Students who are awarded a Stafford Loan will receive a loan certified by the College and information regarding the completion of a Master Promissory Note (MPN) and Entrance Counseling. The maximum that a student may receive is $8,500 per academic year.

Please note:

  • Recipients are required to sign a Master Promissory Note (MPN) prior to the Stafford Loan being disbursed each semester. Failure to sign the promissory note will result in cancellation of the loan. 
  • In addition, you will need to complete Stafford Loan Entrance Counseling before loan funds can be credited to your account.

Non-Need-Based Loans

Students who do not demonstrate sufficient need for a subsidized loan may receive the following loans.

Federal Unsubsidized Stafford Student Loan

This is a federally funded educational loan available through private lenders. The accruing interest may be paid on a quarterly basis of capitalized interest while the student is enrolled on at least a half-time basis. Graduate students may receive up to $20,500 in unsubsidized loans. The total  unsubsidized and subsidized loans for each academic year cannot exceed $20,500.

Please note:

  • Recipients are required to sign a Master Promissory Note (MPN) prior to the Stafford Loan being disbursed each semester. Failure to sign the promissory note will result in cancellation of the loan. 
  • In addition, you will need to complete Stafford Loan Entrance Counseling before loan funds can be credited to your account.

Graduate PLUS Loan

The Graduate PLUS Loan is a federally funded loan that enables graduate students to borrow up to the full cost of attendance less any other financial aid received. The interest rate on a PLUS loan is 7.90%. Repayment begins within 60 days after full disbursement of the loan, with disbursement made in equal installments, one half during each semester of a student's enrollment. The principal payment may be deferred while the student is enrolled on at least a half-time basis. Loans will not be certified for a partial period of enrollment (i.e., single semester) unless it is the student's final period of enrollment. Please note that there will be an origination fee of 4% on the Graduate PLUS Loan, so when requesting an amount to borrow, factor in this fee. The origination fee is charged by the federal government.

To apply for the Graduate PLUS Loan:

  • Initiate the application process by signing a Master Promissory Note (MPN). You will then select "Complete New MPN for Student Loans," then "Graduate PLUS."
  • After you have completed the MPN, you will need to download the PLUS Loan Request Form and send it to our office (our mailing address and fax number are at the bottom of this form).

Please note:

Alternative Loans

Students can borrow a loan through an outside lender with a credit-worthy co-borrower.  There are a handful of lenders that Simmons College recommends.  Most of them are listed on the ELM Select website, with benefits and direct links to the lenders' websites.  Preferred lenders not on the ELM Select website include MEFA (Massachusetts Education Finance Authority) and Wells Fargo.

If you wish to borrow an alternative loan, you will submit an application directly through the lender.  Once approved, the lender will notify Student Financial Services so that we can certify your loan.  The credit approval process usually takes 5 to 7 business days, although sometimes lenders require more time to review credit histories for the borrower and co-borrower.

How to Sign Your Federal Loan Promissory Note

Once you've been awarded a loan, go to dlenote.ed.gov and click the link to complete a new Master Promissory Note (MPN). Then, follow the instructions and prompts on each page until you are given the message "SUCCESS! Now Print Your MPN."

To sign the Master Promissory Note, you will need several pieces of information:

  • The borrower's PIN (a PIN can be obtained, or a duplicate requested, at www.pin.ed.gov)
  • The borrower's driver's license number
  • The names, completed addresses, and phone numbers for two references living at two separate addresses. One should be a family member.